- Signs for push-out forces
- After almost three years on the job
- Praise, thanks and good wishes for Mravle
- No successor named
(exechange) — Dallas, Texas, May 25, 2017 — Mike Mravle, finance chief of Wingstop, leaves. It is a change at short notice. As announced by Wingstop Inc. in a regulatory filing published on Thursday, May 25, 2017, Michael F. (Mike) Mravle leaves the post as Chief Financial Officer at the chain of nostalgic, aviation-themed restaurants in a surprising move after almost three years on the job, effective June 23, 2017.
No company wants a CFO to flame out in the first years.
Mravle’s move comes two months after Charles R. Morrison took over as chairman of Wingstop Inc.
Wingstop did not name a replacement for the position of Chief Financial Officer.
“To pursue a role in a privately held company”
The imminent management change is explained as follows. Wingstop said: “On May 23, 2017, Michael F. Mravle informed the Company of his intention to resign his position as Chief Financial Officer, effective June 23, 2017, to pursue a role in a privately held company.”
Precise information about the future plans of Mravle was not immediately available.
Chaired by Charles R. Morrison
Wingstop Inc. is chaired by Charles R. Morrison.
On March 13, 2017, the Company announced that Charles R. Morrison, the Company’s Chief Executive Officer and President, was appointed Chairman of the Board. Morrison has served as the Company’s Chief Executive Officer and President since June 2012, and a member of the Company’s Board, since September 2012.
On the job as CFO since 2014
Michael F. Mravle has been Chief Financial Officer of Wingstop Inc. since September 2014.
He joined the Company from Bloomin’ Brands, Inc. (NASDAQ: BLMN), where he held several positions, including most recently Group Vice President of Financial Planning & Analysis (FP&A) and U.S. CFO.
In that role, his responsibilities included overall corporate planning and analysis and forecasting as well as managing the U.S. finance team.
Prior to holding the position of Group Vice President of FP&A and U.S. CFO at Bloomin’ Brands, Mravle held several other positions, including Vice President of Corporate FP&A for the company, and Vice President of Finance, Carrabba’s Italian Grill.
Before that, he was Vice President of Finance – New Concepts, supporting brands including Fleming’s Prime Steakhouse and Wine Bar and Roy’s Hawaiian Fusion.
Mravle will be working with Wingstop up to his departure date to help ensure continuity and an effective transition.
At this time, Wingstop has not announced a successor.
At the time of Mravle’s appointment as Chief Financial Officer at Wingstop, Charlie Morrison, then Wingstop President and CEO, had said: “We are pleased to welcome Mike, a highly regarded industry veteran with significant financial planning expertise, to our team. Mike has a proven track record of successful leadership within our sector and will play a critical role in positioning Wingstop for continued aggressive and sustained growth.”
Generally speaking, when a top leader announces to step aside with no successor available, it is a sign that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mike Mravle’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 22.2017 ($).